Gold, oil and natural gas prices move higher
A softer dollar has helped support gold and oil, while the closure of a gas field has bolstered natural gas.
Gold bolstered by stronger dollar
The defence of the $1930 area goes on, and the buyers seem determined to hold the price around this level.
A possible higher low continues to form, though there has not been much of a move to the upside. Nonetheless, with the daily MACD on the cusp of a bullish crossover, a move back above $1970 might be the catalyst for a fresh move higher. This might then bring the $2060 highs from early May back into view.
It would need a daily close below $1930 to deliver a fresh short-term bearish view.
WTI on the up again
Oil prices have recovered over the past three sessions, forming a support zone around $67.70. However, medium-term upside since May has been contained around the $73.80 mark.
For a more sustainable bullish outlook to appear, a daily close above $74 would be needed. Even then it might take time for a longer-term bullish view to emerge, though a move above the 200-day simple moving average (SMA) would help.
A reversal back below $68 signals a test of the $67.80 support zone again.
Natural Gas finally manages a rally
Gas prices surged on Thursday to a four-week high on reports that the Netherlands would close a large gas field.
This helped the price to build on the gains made since the beginning of June, and put a move back to $27.86 into view once more. Beyond this, the early March high at $30.48 comes into view.
Sellers will be watching for a reversal back below the 100-day SMA that might point towards fresh downside and target the $21.05 support zone.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get commission from just 0.08% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
